Ghana CBDC Development: New Central Bank Document Outlines Key Motivations fo...
In a recently released document, the Bank of Ghana (BOG) outlines some of its key reasons for developing the central bank digital currency (CBDC). Also, in the document, the bank’s governor insists the institution is open to suggestions that will help it to successfully launch the digital currency. Benefits of a CBDC The Ghanaian central bank recently released a document that outlines the key motivations behind its plan to issue a central bank digital currency (CBDC). The document also touches on the digital currency’s design as well as the benefits it will bring....
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A Ghanaian blockchain and crypto association, Afroblocks, has warned the Bank of Ghana (BOG) to resist the urge to develop a central bank digital currency (CBDC) that is based on the “old traditional siloed financial thinking.” Afroblocks Not Consulted Afroblocks (formerly Blockchain Society Ghana) instead wants the central bank to emulate “financial projects that are borderless and decentralized like modern-day cryptocurrencies.” According to Omar Majdoub, one of the association’s co-founders, doing this will increase the likelihood of the CBDC’s....
India's Reserve Bank outlined the pros and cons of a digital rupee as it looks to raise awareness around its CBDC project. The Reserve Bank of India (RBI) has outlined the proposed features and reasoning behind its in-development central bank digital currency (CBDC) in a 51-page note published on Oct. 7.The country’s central bank is looking to raise awareness of CBDCs, which are being developed by a number of central banks around the world, and to clearly define the objectives and choices as well as the potential positive and negative elements of introducing a digital rupee in India.The....
Ghana is striving to become the first African nation to float a central bank digital currency. The Bank of Ghana (BoG) is reportedly moving towards the introduction of a central bank digital currency (CBDC) experiment.Speaking during a news conference in Ghana’s capital, Accra, on Monday, Ernest Addison, governor of the country’s central bank revealed that the BoG was in the advanced stages of creating a CBDC.As part of his address, Addison said that the planned e-cedi will pass through developmental and evaluation phases before a decision will be made on a national rollout.According to....
The Bank of Ghana has said the expected implementation of the central bank digital currency will not disrupt or negatively impact the operations of mobile money operators. Rather, the central bank expects the digital currency to improve the efficiency of Ghana’s settlement systems as well as to “fast-track cross border trade.”
CBDC to Complement Mobile Money
The Ghanaian central bank has moved to allay fears that the implementation of the central bank digital currency (CBDC) known as the e-cedi might adversely impact the operations of mobile money operators....
Kenya’s central bank has acknowledged in a recently released document that a central bank digital currency could potentially benefit the country’s financial system. The bank, however, warned that rolling out a CBDC could also pose risks to the same. CBDC’s Impact on Financial Stability The Central Bank of Kenya (CBK) has suggested in a discussion paper that a central bank digital currency (CBDC) could potentially lead to enhanced cross-border payments and “efficiency gains.” However, in a recently released document that discusses CBDCs, the bank....